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White Space Chelsea, 555 We...

DNA Models Leases Office Space At 555 West 25th Street In Chelsea
LEASEDOffice

DNA Models Leases Office Space At 555 West 25th Street In Chelsea

White Space Chelsea, 555 West 25th Street, New York, NY, USA

Building Size

9,000 SF

Asset Type

Office

Closing

Jan 11, 2021

AI

Located in the Chelsea market, the office property at 555 West 25th Street recently underwent a lease transaction. The tenant, @DNAModels, secured a lease agreement with the landlords, Mactaggart Family & Partners and Rigby Management. The deal was facilitated by brokers Brett Harvey and Kyle Riker from JLL. The office space, spanning approximately 9,000 square feet, was offered at an asking rent of $55-$67 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Lease
  • Address: 555 West 25th Street
  • Market: Chelsea
  • Tenant: @DNAModels
  • Landlord: Mactaggart Family & Partners, Rigby Management
  • Brokers: Brett Harvey & Kyle Riker - JLL
  • Asking Rent: $55-$67/ft. (Approx.)
  • Square Footage: 9,000

It is worth noting that @DNAModels, founded in 1996 by Jerome & David Bonnouvrier, represents esteemed clients such as @Emrata, @Naomi, and @KaiaGerber. The property at 555 West 25th Street was last sold for $43.3 million in April 2019.

Players

Brett Harvey

Newmark

Broker

$270M

vol

28 deals

Broker
Partners
PartnersLandlord

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93